75-76-257 - Officers, directors and employees of publicly traded corporations subject to findings of suitability and licensing; failure to obtain or maintain suitability or license.
§ 75-76-257. Officers, directors and employees of publicly traded corporations subject to findings of suitability and licensing; failure to obtain or maintain suitability or license.
(1) Each officer and employee of a publicly traded corporation who the commission determines is, or is to become, actively and directly engaged in the administration or supervision of, or any other significant involvement with, the activities of the corporate or limited partnership gaming licensee must be found suitable therefor and may be required to be licensed by the commission. Each director of a publicly traded corporation who the commission determines is, or is to become, actively and directly engaged in the administration or supervision of the gaming activities at a licensed gaming establishment of the corporate or limited partnership licensee must be found suitable therefor and may be required to be licensed by the commission.
(2) If any officer, director or employee of a publicly traded corporation required to be licensed or found suitable pursuant to subsection (1) fails to apply for a gaming license or finding of suitability within thirty (30) days after being requested to do so by the executive director, or is denied a license or not found suitable by the commission, or if his license or the finding of his suitability is revoked after appropriate findings by the commission, the publicly traded corporation shall immediately remove that officer or employee from any office or position wherein he is actively and directly engaged in the administration or supervision of, or any other significant involvement with, the activities of the corporate or limited partnership gaming licensee, or shall immediately remove that director from any office or position wherein he is actively and directly engaged in the administration or supervision of the gaming activities of the corporate or limited partnership gaming licensee. If the commission suspends the finding of suitability of any officer, director or employee, the publicly traded corporation shall, immediately and for the duration of the suspension, suspend that officer or employee from performance of any duties wherein he is actively and directly engaged in administration or supervision of, or any other significant involvement with, the activities of the corporate or limited partnership gaming licensee, or immediately and for the duration of the suspension suspend that director from performance of any duties wherein he is actively and directly engaged in administration or supervision of the activities at a licensed gaming establishment of the corporate or limited partnership licensee.
Sources: Laws, 1990 Ex Sess, ch. 45, § 130, eff from and after passage (approved June 29, 1990).